Preheat the oven to 350 degrees Fahrenheit. Line a 12 cavity cupcake tin with liners and set aside.
In a medium mixing bowl combine the softened butter, oil and sugar. Beat with an electric mixer for about 30 seconds or until well combined.
Add in the eggs, buttermilk and vanilla. Beat to combine.
Beat in the flour, making sure to spoon and level to measure, cocoa powder, baking powder, baking soda and salt. Fold in the food coloring, adding as much or as little as needed to reach your desired color. It will deepen slightly as it bakes.
Let the batter rest for 10 minutes.
Scoop into the prepared cupcake tin, filling each about 3/4 of the way up.
Bake for 22-25 minutes or until a toothpick comes out clean. Let cool in the pan for 15 minutes, then transfer each cupcake to a wire rack to finish cooling.
To make the frosting, beat the cream cheese and butter for about 2 minutes with an electric mixer.
Add in the powdered sugar, 2 cups at a time, followed by the vanilla and salt and beat until fluffy.
Use a piping bag and tips to frost, or just an angled spatula and enjoy!